Unlike most of the major airlines in the USA, American Airlines has avoided bankruptcy. This may change.

Their shares fell 33 per cent yesterday as people expected the worst after a 62 percent drop so far this year. This last fall came amid fears that the airline could be forced into bankruptcy. It has very high debt levels (17 billion), higher cost base, higher ages, older planes (their average plane is almost 15 years old), a perception of inferior service in a slowing economy.

In July, 2011, the airline placed the world's largest plane order: 260 Airbus A320s and 200 Boeing 737s. This will help reduce their massive fuel bills by up to 25 per cent.

Bankruptcy may help them with staff costings and refinancing. Their staff morale can't get much lower (AA staff are some of the most negative and disempowered I have seen in the air).